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COSE Finds NE Ohio Businesses More Optimistic
CLEVELAND -- Small-business owners in northeastern Ohio are more optimistic and see more opportunity ahead for growth than their counterparts elsewhere in Ohio and the nation, a new report has found.
Half of the northeastern Ohio companies expect growth this year compared with 43% nationwide.
That's one findings in the Council of Smaller Enterprises' quarterly Small Business Monitor survey that tracks trends, economic indicators and opinions of some of its 14,000-plus small-business members.
The quarterly survey is sponsored by FirstMerit Bank. Other findings include:
- 28% report growth in 2013 compared to only 15% across the United States.
- 56% have customers beyond their local market compared to 31% nationwide.
- Northeastern Ohio small businesses report higher profits than their peers elsewhere.
Fully 85% of small-business owners in northeastern Ohio are confident about the future of their enterprises where 65% of their counterparts nationwide share the same level of confidence, the report finds. “The resurgence in manufacturing is one of the reasons northeastern Ohio is seeing better growth than other areas of the country,” said Tim Reynolds of Tribute Inc. of Hudson.
This is not the sole reason for higher confidence in the region because growth was reported across several sectors, not just manufacturing. Further analysis reveals the uptick in business confidence is related to whether business is growing now or anticipate growing in the near-term. For example, 28% of small businesses in the region report growth compared with just 15% of small businesses across the nation.
The Council of Smaller Enterprises is one of Ohio's largest small-business support organizations, composed of more than 14,000 companies.
Published by The Business Journal, Youngstown, Ohio.
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